USD/JPY technical analysis: Greenback is challenging Tuesday's highs ahead of the FOMC Minutes

 

 

 

USD/JPY is trading in a bear trend below the 100 and 200-day simple moving averages (DSMAs). However, the market is trying to find some support near the 50 SMA at the 106.90 level. The FOMC Minutes are scheduled at 18:00 GMT. The news can lead to some volatility in USD-related currency pairs.

 

 

 

 

 

USD/JPY is challenging the 107.40 resistance and the 50 SMA on the four-hour chart. A break above the level can lead to the 107.70 resistance on the way up, according to the Technical Confluences Indicator.

 

 

 

The USD/JPY currency pair is trading above its main SMAs, suggesting bullish momentum in the near term. Immediate supports are seen at the 107.20 and 107.00 price levels, according to the Technical Confluences Indicator.